Nigeria received $5.820bn offshore investment in Q2’19

… amount 31.41% lower than Q1’19 record

Omobayo Azeez

The total value of capital importation into Nigeria stood at $5.820 billion in the second quarter of 2019, the National Bureau of Statistics (NBS) has revealed in its Nigerian Capital Importation Report for Q2, 2019.

This represents a decrease of -31.41% compared to Q1 2019 and +5.56% increase compared to the second quarter of 2018.

According to the NBS, the largest amount of capital importation by type was received through portfolio investment, which accounted for 73.76% an equivalent of $4.293 billion of total off-shore funds that entered Africa’s largest economy by gross domestic products.

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This is followed by what was classified as “Other Investment”, which accounted for 22.41%, or $1.304 billion of total capital imported; and by Foreign Direct Investment (FDI), which accounted for 3.83% or valued at $222.89 million of total capital imported into the country within April and June, 2019.

By sector, capital importation by banking dominated in the period under review, reaching $1.89 billion of the total capital importation in Q2 2019.

According to the report, the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2019 with a total of $3.135 billion.

This accounted for 53.85% of the total capital inflow in Q2 2019.

The report further reads: “By destination of investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2019 with $4.138 billion, accounting for 71.09% of the total capital inflow in the period.

“By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2019 with $1.76y billion. This accounted for 30.34% of the total capital inflow in Q2 2019.”